Date: November 13, 2026

Financial Performance Summary

Q2 FY27 Financial Results:

  • Total Income: ₹2,549.0 million, up 81.1% YoY from ₹1,407.2 million in Q2 FY26
  • EBITDA: ₹151.5 million, down 16.2% YoY from ₹180.8 million in Q2 FY26
  • EBITDA Margin: 5.9%, down 690 basis points from 12.8% in Q2 FY26
  • Profit After Tax: ₹41.9 million, down 54.9% YoY from ₹92.9 million in Q2 FY26
  • PAT Margin: 1.6%, down 496 basis points from 6.6% in Q2 FY26
  • Basic EPS: ₹0.48, down 61.0% YoY from ₹1.24 in Q2 FY26

H1 FY27 Financial Results:

  • Total Income: ₹4,329.3 million, up 95.7% YoY from ₹2,212.7 million in H1 FY26
  • EBITDA: ₹358.2 million, down 8.7% YoY from ₹392.2 million in H1 FY26
  • EBITDA Margin: 8.3%, down 945 basis points from 17.7% in H1 FY26
  • Profit After Tax: ₹136.9 million, down 38.3% YoY from ₹222.0 million in H1 FY26
  • PAT Margin: 3.2%, down 687 basis points from 10.0% in H1 FY26
  • Basic EPS: ₹1.58, down 47.0% YoY from ₹2.98 in H1 FY26

Strategic Developments

Joint Venture Approval:

  • Board approved 50:50 joint venture with Rays Power Infra
  • To establish 2.4 GW solar PV cell manufacturing facility at Narmadapuram, Madhya Pradesh
  • Estimated project cost: approximately ₹1,000 crore
  • Solarworld's commitment: up to ₹420 crore
  • Commercial production target: June 2027

Project Commissioning:

  • Successfully commissioned 50 MW AC solar project in Assam
  • Received charging permission for 200 MW AC / 272 MW DC Khavda project in Gujarat

Product Portfolio Expansion:

  • Launched LFP-based home energy storage batteries
  • Introduced 2,500 kVA central power conversion system developed in collaboration with Belectriq
  • Launched AQUILA bifacial G12 solar modules with capacities up to 715 Wp

New Business Opportunities:

  • Exploring Data Centre EPC segment through discussions with global players for potential technical collaboration

Current Portfolio Status

  • Solar project portfolio: over 1.5 GW
  • BESS EPC and IPP portfolio: exceeding 1.2 GW
  • Existing manufacturing facilities:
  • 1.552 GW solar module manufacturing facility
  • 5 GW junction box manufacturing line (through joint venture)
  • 3.4 GW battery energy storage system (BESS) manufacturing facility in Roorkee, Uttarakhand

Management Commentary

Mr. Kartik Teltia, Managing Director, stated that India's clean energy landscape is evolving towards an integrated ecosystem spanning manufacturing, power conversion and energy storage. The proposed solar cell manufacturing joint venture represents a significant step towards strengthening backward integration and building greater depth across the solar value chain.

Future Priorities

  • Strengthening manufacturing footprint
  • Expanding integrated clean energy offerings
  • Maintaining disciplined approach to execution and capital allocation
  • Evaluating opportunities in complementary infrastructure businesses
  • Focusing on operational efficiency and sustainable growth